NNPC releases updated petrol price breakdown
The Nigerian National Petroleum Company (NNPC) Limited has issued an updated breakdown of the estimated petrol price from the Dangote Refinery.
On Monday morning, NNPC released a chart detailing the refined petrol it purchased from the refinery on Sunday.
According to NNPC, payments for the September 2024 petrol supply are being made to Dangote Refinery in US dollars, with transactions in Naira set to begin on October 1, 2024.
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“NNPC Ltd. has released the estimated prices of Premium Motor Spirit (PMS), also known as petrol, sourced from the Dangote Refinery, for distribution at its retail outlets nationwide.”
“These prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery, taking into account current international gasoline prices and the prevailing foreign exchange rate, in accordance with the Petroleum Industry Act (PIA) 2021.
NNPC Ltd. confirms that payments for the September 2024 PMS supply are being made in USD, with Naira payments scheduled to begin on October 1, 2024.
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“We assure Nigerians that any discounts received from Dangote Refinery will be fully passed on to the public,” the statement from NNPC reads.
While the estimated price for petrol across the country remains unchanged, the analysis of the transaction with Dangote Refinery has been revised.
The initial statement released on Monday listed a Nigerian Midstream and Downstream Petroleum Regulatory Authority fee of ₦8.99, while the revised version shows a fee of ₦4.495.
The first breakdown included an inspection fee of ₦0.97, a margin fee of ₦26.48, and a distribution fee of ₦15. However, in the updated release, the inspection and margin fees were removed, and the distribution fee was adjusted to ₦42.45.
Additionally, the second statement introduced a Midstream and Gas Infrastructure Fund fee of ₦4.495.”
Proofreading by Uchechi Ojo, Sub-editor at Neptune Prime.
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